Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.

The government-controlled company, through its new "Deed for Lease" program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

The program will "eliminate some of the uncertainty of foreclosure, keeps families and tenants in their homes during a transitional period, and helps to stabilize neighborhoods and communities," Jay Ryan, a Fannie Mae vice president, said in a statement.

In Albequerque and Phoenix
Pacific Palisades
Las Vegas and Reno
Redondo Beach, L.A.
All over in Fresno
In San Fransico Bay

Everybody's gone serfin'
Serfin' U.S.A.

Comment by Powell Gammill

Entered on: 11/6/2009 9:21:37 AM

So in effect the federal government gets it's hands on a huge number of homes and then becomes the landlord. Of course with property tax, it could be argued that is the federal government usurping the local government's scam. Commercial reality is next. Everything is owned by government...you just rent...with permission.